PF withdrawal now easier! ATM and will also be able to withdraw up to £ 5 lakh, to know the rules and procedure

EPFO, an organization that runs the retirement fund, has given important facilities to its subscribers. Now employees who are associated with EPFO ​​will soon be able to withdraw their employee pre -care fund (EPF) in other ways such as ATM or UPI. The limit was increased to Rs 5 Lakh. For this, however, they must link their bank accounts to EPF. What the government’s plan is, according to sources in the PTI news agency, the Ministry of Labor is working on a project in which a certain part of the EPF will be discontinued and a large part can be removed in many ways such as UPI or ATM debit card. The source also said that there are some software challenges in the implementation of this system that is removed. Currently, members of the Organization for Provident Fund (EPFO) must apply online for their EPF withdrawal claim, which takes time. The Kovid period was started in the Kovid period. In fact, the facility of car array for pre -claims was introduced to Rs 1 Lakh in the Kovid period, which has now been raised to Rs 5 Lakh. This will benefit millions of shareholders. EPFO with more than seven crore members first introduced an online car setting system with the aim of providing quick assistance to employees who experience financial problems during Kovid’s time. Since then, advance claims for illness, education, marriage and housing have also been brought to this facility. This means that such a need can be claimed. In 2024-25, the EPFO ​​resolved 2.34 CRore advance claims through auto-so-lets in 2.34 crore settlement FY 2024-25. This is 161 percent more than the 89.52 Lakh claims treated in FY 2013-14. In the past financial year, 59 percent of all advance claims have been sold by the auto-Settlement system, while the figure was 31 percent in FY 2023-24. Share this story -tags